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Medical Prognosis sells 8.45% stake in Oncology Venture as part of merger

Medical Prognosis Institute A/S said it sold its 8.45% stake in Oncology Venture Sweden AB as part of its merger with the cancer drug developer.

Denmark-based Medical Prognosis said the combined company is not allowed to hold own shares, resulting in the sale of 1,168,538 shares for 18.1 million kronor.

The shares were sold off-market to 13 parties at an average share price of 15.73 kronor.

Medical Prognosis shareholders have approved the merger under which Oncology Venture stockholders will exchange each share they hold for 1.8524 Medical Prognosis shares.

Oncology Venture shareholders will own about 51.3% of the combined entity.

Medical Prognosis is a precision medicine company that develops drugs to treat cancer using its drug response predictor technology.

As of May 30, US$1 was equivalent to 8.82 kronor.